Otorhinolaryngology Devices Market Overview:
The global otorhinolaryngology devices market size was valued at $9,268 million in 2018, and is projected to reach $13,999 million by 2026, registering a CAGR of 5.2% from 2019 to 2026. Otorhinolaryngology devices are the equipment used for the diagnosis and therapy of any disorder related to ear, nose, or throat. There are a wide range of otorhinolaryngology devices, which include endoscopes, surgical instruments, hearing aids, hearing implants, voice prosthesis devices, and others available across the world. These devices are used to treat any problem related to hearing, smelling, snoring, or speaking. The general otolaryngologists do not limit their practice to any one portion of the head and neck and can treat a variety of conditions. Some ENT specialists pursue additional training in the following subspecialty areas such as ear, nose, throat, head & neck (thyroid), sleep, facial plastic & reconstructive surgery, and pediatrics. The otorhinolaryngology devices market is the consolidated market and the presence of major manufacturers such as Medtronic, Stryker, and Olympus Corporation, among others drives the market growth. These manufacturers are primarily focusing on the development of advanced otorhinolaryngology devices, for instance, Medtronic offers powered ENT instruments that provide better precision, surgical access, and patient outcomes for a variety of ENT surgeries.
The global otorhinolaryngology devices market is anticipated to experience significant growth during the forecast period due to high prevalence of chronic sinusitis and rise in adoption of minimally invasive ENT procedures. In addition, rapidly growing aging population further supplement the growth of this market. However, high cost of otorhinolaryngology instruments and procedure and stringent government regulations are expected to hinder the growth of the market globally. On the contrary, various growth opportunities from emerging economies can provide lucrative opportunities for the otorhinolaryngology devices market growth.
Product Segment Review
Depending on product, the global otorhinolaryngology device market is divided into diagnostic devices, surgical devices, hearing aids, image guided surgery systems, and others. The diagnostic devices segment was the major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period. This is attributed to rise in ageing population; high demand of minimally invasive ENT procedures; technological advancements in the ENT diagnostic devices; availability of endoscopes which provide full view of small spaces of the ear, nose, and throat; and upsurge in the adoption of technologically advanced diagnosis devices.
By Product
Diagnostic Devices segment is projected as one of the most lucrative segment.
End User Segment Review
By end user, the global otorhinolaryngology devices market is divided into hospitals, ENT clinics, and others. The others segment includes ambulatory surgical center and home use devices and is projected to exhibit the highest growth during the forecast period. This is attributed to the high demand of cost-effective surgical procedures, rise in number of geriatric populations, and long-term use of otorhinolaryngology devices such as hearing aids.
By End User
Others segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Region Segment Review
North America held the largest share of the global otorhinolaryngology devices market in 2018, owing to its well-established healthcare infrastructure, upsurge in adoption of advanced technology, and rise in prevalence of eye, ear, and throat diseases in the region. However, Asia-Pacific is expected to exhibit the highest CAGR during the forecast period, owing to large geriatric population base, increase in prevalence of chronic diseases, and increase in investment for the improvement in healthcare facilities by government and private companies.
By Region
North America segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
The global otorhinolaryngology devices market is highly competitive, and the prominent players in the market have adopted various strategies for increasing their otorhinolaryngology devices market share. These include expansion of their geographical presence through product launch, product development, product approval, and acquisition. Major players operating in the global otorhinolaryngology devices market include Atos Medical AB, Cochlear Ltd., Freudenberg SE (InHealth Technologies, Inc.), Hill-Rom Holdings, Inc., Johnson & Johnson (Acclarent, Inc.), Medtronic Plc., Olympus Corporation, Sonova Group, Starkey Hearing Technologies, and Stryker Corporation.
Other key players (not included in the report) of the otorhinolaryngology devices market include Smith & Nephew plc, Hoya Corporation, William Demant Holdings A/S, Stema Medizin, Siemens Healthcare, and among others.
Key Market Benefits:
- This report provides a detailed quantitative analysis of the current otorhinolaryngology devices market trends and estimations from 2018 to 2026, which assist to identify the prevailing opportunities.
- An in-depth otorhinolaryngology devices market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
Otorhinolaryngology Devices Market Report Highlights
| Aspects | Details |
 By Product |
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 By End User |
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 By Region |
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 Key Market Players | Johnson & Johnson (Acclarent, Inc.), Cochlear Ltd., Starkey Hearing Technologies, Sonova Group, Freudenberg SE (InHealth Technologies, Inc.), Olympus Corporation, Stryker Corporation, HILL-ROM HOLDINGS, INC., Atos Medical AB, Medtronic Plc. |
Analyst Review
The otorhinolaryngology devices market is expected to witness a healthy growth with rise in demand for minimally invasive surgical procedures. Otorhinolaryngology devices have witnessed increased adoption in the healthcare industry, owing to rise in number of otorhinolaryngology procedures and increase in usage of these devices in emerging applications to diagnose and treat abnormalities of ear, nose, and throat. However, stringent regulatory guidelines for the approval of otorhinolaryngology device, high cost of treatment, and low reimbursement policy are expected to hamper the market growth
The use of otorhinolaryngology devices is highest in North America, owing to increased adoption of advanced ENT diagnostic and surgical products and heavy expenditure by the government on healthcare, followed by Europe and Asia-Pacific. In addition, otorhinolaryngology devices providers and distributors focus to expand their presence in the emerging economies, which is anticipated to drive the market growth.
The total market value of Otorhinolaryngology Devices Market is $9,267.8 million in 2018.
The forecast period for Otorhinolaryngology Devices Market is 2019 to 2026
The market value of Otorhinolaryngology Devices Market in 2019 is $9,796.7 million
The base year is 2018 in Otorhinolaryngology Devices Market
Top companies such as, Cochlear Ltd., Freudenberg SE (InHealth Technologies, Inc.), Hill-Rom Holdings, Inc., Johnson & Johnson (Acclarent, Inc.), Medtronic Plc., Olympus Corporation, Sonova Group, Starkey Hearing Technologies, and Stryker Corporation, held a high market position in 2018.
Diagnostic Devices segment is the most influencing segment growing in the Otorhinolaryngology Devices Market
The key trend in the Otorhinolaryngology Devices Market is increase of minimally invasive surgical (MIS) techniques across the globe which drives the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China and India with a CAGR of 8.0% and 7.5% respectively.
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